XEROX BOSS TOOK BIG $$ AS BOOKS COOKED

New York Post ^ | 6/29/02 | PAUL THARP

[kattracks]

June 29, 2002 -- As Xerox's books were being cooked by the brass, its chairman Anne Mulcahy was getting served up a new bonus package of $10.1 million.

Mulcahy, 49, the corporate world's first woman to break the glass ceiling, is the central figure in the newest profit-rigging scandal to hit Wall Street - this one right under the noses of federal investigators.

[elephantlips]

The have wanted equality. Welcome to the world of corporate evil, you have earned the title of "partner."

[InvisibleChurch]

a new bonus package of $10.1 million.

only 10.1? she's not trying.

[aristeides]

Guess Peggy Noonan will have to take back what she said about only men being involved in these scandals.

[lewislynn]

How this type of people can steal from the shareholders and wage earners and grant themselves earnings beyond any reasonable figure is hard to fathom.

Oddly enough, it wasn't long ago you would have been flamed by many here saying it wasn't any of your business how much a CEO was compensated, nor are YOU capable of determining what a "reasonable figure" is, that they are worth it...they run the country..errr I mean company.

They would be the same ones (globalists) screaming about your high pay and and union wages VS cheap foreign labor .....

OH yea, they'd also be telling you how important it would be for YOU if corporate taxes were eliminated because the poor babies don't have money to invest.

[giotto]

The famed copy-machine maker admitted yesterday it pumped up profits by $6.4 billion over the past five years

This supports my theory that all these cases of corporated book-cooking are the result of the unstated policy of the Clinton administration which let it be known to corporate America that if they exaggerated their earnings and juggled the profit/loss figures, no one would be looking. Anything that kept the stock inflated and therefore the whole market pumped up was fair game. After all, the only thing which kept that rapist creep and his scary wife in office for eight years was the great bull market.

But when the market turned sour, there were no more chumps to keep the stocks afloat. This could even explain why the market turned sour. Everyone who was anyone on Wall Street knew that Gore would be defeated, and that a Republican president would not allow the kind of monkey-business that had caused NASDAQ to soar from 700 to 5200 in only five years.

Wall Street knew that the markets would slump at around the time of the 2000 election. So they started pulling out early, which caused the stampede in March and April 2000.

[ContraryMary]

$1.9 billion in phony profits? I think that puts them in the same league as Worldcom and Enron.

[FITZ]

I never did believe the economy was really good in the 90's, it was all a lie. There goes another "Clinton legacy".

[FITZ]

How this type of people can steal from the shareholders and wage earners and grant themselves earnings beyond any reasonable figure is hard to fathom.

I was talking with a man yesterday who has lost $100,000 in the stock market (it's times like this that I'm glad I never had much to invest) and his whole retirement is now in jeopardy. Like he said ---why does mugging someone for $100 in their wallet or robbing a bank for $2000 get you jail time but these "white-collar" crooks expect to get off scot-free?

[CubicleGuy]

He explained the recent rash of executive misdeeds and book cooking as the result of Clintons' constant assault on the american people; "what is the meaning of is", a lie is not a lie if your not caught in the act, it is only wrong if you think it is wrong, you get the picture.

Wow: nobody in America ever lied until the Clintons came along and showed us all how it's done. The Clintons were so powerful that they alone were capable of convincing everyone that up is down, left is right and wrong is right.

Hoo, boy...

[giotto]

You're right. Nobody in America ever lied on national TV to the American people and under oath and was then forced to admit, again on national TV, that he had lied--until the Clintons came along. But you missed a point. Clinton was the PRESIDENT, the man who sets the tone for the entire government, and apparently for much of the corporate world as well.

[dirtboy]

I managed to listen to Rush a lot. He explained the recent rash of executive misdeeds and book cooking as the result of Clintons' constant assault on the american people; "what is the meaning of is", a lie is not a lie if your not caught in the act, it is only wrong if you think it is wrong, you get the picture. My comment was that he is right on the mark

I disagree. Clinton didn't invent weasel words, and they won't end with him. Clinton's responsibility in this mess is probably his desire to inflate the stock market so people didn't care about his pecadillios, so the SEC didn't bother actually reading the financial statements - IMO it isn't that hard to discover that the books have been cooked. But few investors wanted to hear bad news, either - people seem to think that twenty, thirty, fifty percent ROIs are normal over a long period of time, came to expect it, and everyone got so nuts that companies with chronic losses had their stock values go through the roof and companies that reported earnings two cents a share below projections were hammered. In the end, the investors share a large amount of the blame here - but government, true to form, is rising up to claim that the voters NEVER share in the blame.

[CyberAnt]

"decade of greed"

Just another excellant example of the "projection technique" in action.

It wasn't the 80's - it was the 90's!